(Reuters)

Diageo, the world’s top spirits maker, on Monday (May 19) forecast a US$150 million annual hit from US President Donald Trump’s tariffs, and launched a US$500 million cost-savings programme. 

“We view the near-term industry pressure as largely macroeconomic-driven, with continued uncertainty impacting both the timing and pace of recovery,” CEO Debra Crew said in a trading statement.

Diageo, the maker of Johnnie Walker whisky and Guinness beer, also reported a 5.9 per cent rise in third-quarter organic sales, and affirmed its full-year forecast.